An Individual Voluntary Arrangement (IVA) is in effect a deal between you and your creditors.

An Individual Voluntary Arrangement (IVA) is in effect a deal between you and your creditors in full satisfaction of their debts and is an alternative to you being declared Bankrupt.

It enables you to retain control of your finances and avoid the consequences of Bankruptcy.

An IVA is prepared with the assistance of a Licensed Insolvency Practitioner. Creditors can then either accept or reject the proposal and if the required majority of creditors accept the proposal, the proposal is binding on all creditors even if they voted against.

An IVA is also an option if you are a sole trader as it may enable you to continue trading during a difficult period.

An IVA Proposal can be for the payment of monthly voluntary contributions for a period of five years and/or a lump sum contribution, it can be flexible depending on your circumstances.

Whichever type of IVA it is, money will be paid by you into the IVA fund which is managed by us as the Supervisor of your Voluntary Arrangement. It is the money in this fund that is used to pay the creditors. We will agree creditor claims, ensure that you are paying the correct amount and when sufficient funds have accrued will pay a dividend to creditors.

At the end of the IVA period, which will usually be five years for a Voluntary Contribution IVA but could be a matter of weeks for a Lump Sum IVA, you are released from your outstanding debts which are written off.

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